Lake Odessa, Michigan Property Taxes
The median property tax rate in Lake Odessa, MI is 1.05%, slightly higher than the national median of 0.99% but just below the Michigan state median of 1.07%. With the median home value in Lake Odessa at $136,500, the typical annual property tax bill reaches $1,427, which is lower than the national median of $2,690. Property taxes in Lake Odessa are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Lake Odessa's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Lake Odessa or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Lake Odessa, Michigan Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.05%
Estimate Property Tax Bill
$1,433
Ownwell’s Lake Odessa Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Lake Odessa with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Lake Odessa to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Lake Odessa, Michigan
Property taxes in Lake Odessa, Michigan, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Lake Odessa is 1.05%, higher than both the Michigan state median and the U.S. national median of 0.99%. Local government entities within Lake Odessa set these rates annually, and they can vary significantly across different neighborhoods. Each year, Lake Odessa estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Lake Odessa's effective property tax rate to other counties in Michigan and the national median. For comparison, the 48849 zip code has the highest median property tax rate of 1.05%, while the 48849 zip code also has the lowest median tax rate of 1.05%. Understanding how these cities compare with Lake Odessa provides valuable insights into the varying tax landscape across Eaton County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Lake Odessa Tax Rate
1.05%
Average Eaton County Tax Rate
0.81%
Average Michigan Tax Rate
1.07%
Average United States Tax Rate
0.99%
Property Tax Rates Across Lake Odessa, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48849 | 0.65% | 0.80% | 1.05% | 1.26% | 1.66% |
Source: Ownwell
Property Tax Assessment Values Across Lake Odessa, Michigan
In Lake Odessa, Michigan, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Eaton County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Lake Odessa, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. For instance, the median home price in Lake Odessa is $136,500, with tax bills ranging from $971 at the 25th percentile to $3,261 at the 90th percentile. The zip code 48849 has the highest and lowest median tax bill at $1,427. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Lake Odessa Assessed Value
$136,500
Average Eaton County Assessed Value
$184,400
Average Michigan Assessed Value
$177,800
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Lake Odessa, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48849 | $23,000 | $98,700 | $136,500 | $181,300 | $332,100 |
Source: Ownwell
Property Tax Bills Across Lake Odessa, Michigan
In Lake Odessa, located in Eaton County, MI, property tax bills are calculated based on the assessed value of a home, which is determined by the local tax assessor. This assessed value is typically a percentage of the home's market value, with the median home price in Lake Odessa being $136,500. Once the assessed value is established, the local tax rate is applied to calculate the property tax bill. For homeowners in Lake Odessa, the property tax bill can vary significantly. The 25th percentile tax bill is $971, while the 75th percentile tax bill reaches $2,018, and the 90th percentile tax bill can go as high as $3,261. These variations highlight how different factors, such as property size, location, and improvements, can influence the final tax amount. Homeowners in the 48849 zip code see a median tax bill of $1,427, which is notably higher than the national median property tax rate of 0.99%. This financial obligation impacts homeowners by influencing their annual budgeting and long-term financial planning.
Average Lake Odessa Tax Bill
$1,427
Average Eaton County Tax Bill
$1,470
Average Michigan Tax Bill
$1,795
Average United States Tax Bill
$2,690
Property Tax Bills Across Lake Odessa, Michigan
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 48849 | $364 | $971 | $1,427 | $2,018 | $3,261 |
Source: Ownwell